Is Your Check Cashing Bank Account Next?

September 23, 2016

Will Your Check Cashing Bank Account Be Shut Down?

No check cashing bank account is safe. Banks across the United States continue to shut out MSB bank accounts and engage in indiscriminate derisking. BB&T  is one of the most recent to terminate their check cashing bank accounts, but they are certainly not alone. Merchant’s Bank of California and Wells Fargo are placing restrictions or terminating MSB bank accounts, and it won’t be long until they eliminate their check cashing bank programs entirely. Anyone who works in the MSB industry is acutely aware of the volatile relationship between banks and check cashers as a result of strict compliance laws and AML regulations.
Banks are especially targeting money service business owners who are cashing checks items over $1,000, specifically Commercial Check Cashers and those negotiating US treasury checks. But no MSB is immune from indiscriminate “wholesale”  derisking. Not even the length of your banking relationship and your high compliance standards will keep your bank from closing your check cashing bank account.

Check Cashers Speak Out

Recently, we were able to speak with several of our check cashing clients to hear their stories, challenges and needs. Many of them are family run businesses in small communities that rely on them for their check cashing services. One of our newest National Check and Currency check cashing clients received a termination letter after enjoying a 33 year relationship with his bank.  
Anthony Fusco III runs T & S Fusco Inc. with his father in Bristol, PA. Their family check cashing business has been operating for over 34 years, and they banked with Wells Fargo for 33 of those years. This past year, Wells Fargo sent the Fuscos an impersonal letter notifying them that their account would be terminated in 30 days.
Anthony was taken aback by this and immediately tried to contact his representatives at Wells Fargo and even wrote letters to the bank. But no solutions were presented, no explanation was given. Although Anthony was aware of the possibility of derisking, he trusted his longstanding banking relationship.
Anthony knew about NCC through some industry connections, so he called NCC when they were scrambling to find a check cashing bank account. He notes, “I was sold when I discovered how much Andy and NCC knew about my industry. They are experts in every part of the business. If this can happen to our MSB after 33 years with a bank, I don’t want to gamble again. NCC is always working on a back-up plan through multiple banking partners and they are always ready to help us. NCC is the real deal.”
National Check and Currency receives a steady stream of applications for check cashing banks from ex big bank MSBs. When they receive a call from a panicked check casher, they jump into action to find a solution and keep their MSB up and running. In this uncertain financial climate, they are able to serve the MSB industry with redundant MSB banking partners for banking continuity.

When Banks Close Check Cashing Bank Accounts, Communities Suffer

It is important to note that when a bank decides to terminate a check cashing bank account, the MSB has to shut down. The community that the check casher serves experiences a gap in the availability of financial services including, but not limited to: check cashing, money transfer, money orders, wires, and foreign currency exchange. Therefore, derisking affects not only the check casher, but their community as well.
Katherine Gillis knew she was in trouble when her long term bank notified her that her check cashing bank account would close right before Thanksgiving. Her MSB, Loch Raven Check Cashing, is located in Towson, MD and serves many families in their community. Receiving her account termination notice right before the holidays was especially stressful because she knew her clients were relying on her services to support their families during the holiday season. Being a 20 year customer of Wells Fargo made no difference and her longtime account rep knew nothing of the termination letter and offered no solutions to the problem.
She found NCC right away when she searched online for a check cashing bank. She remembers that she called Andy Benjamin of NCC around 10 or 11pm at night and she couldn’t believe it when he answered the phone right away. After the cold treatment she received from her bank, finding NCC was hugely encouraging for their business. Not only did NCC communicate, but they swiftly solved her problem and helped her avoid costly and devastating interruptions in business. Katherine remarks, “National Check and Currency guided me through the transition process, helped me get my ducks in a row, and worked hard until my problem was solved.”

NCC Keeps Check Cashers Banked

Each of these check cashers facing indiscriminate MSB bank account termination had one thing in common: they suddenly found themselves in a dire situation. Across the board, National Check and Currency was able to swiftly secure new check cashing bank accounts and keep businesses in operation. From the second an MSB calls NCC, their expert team goes into action to keep them banked.
National Check and Currency continues to bridge the financial services gap with real MSB bank accounts, redundant financial partnerships, and MSB services that ensure banking continuity. The NCC team is there for you during every step of the check cashing process to help you stay compliant. Amidst murky Federal regulation and questionable banking practices, NCC is a haven for Money Service Businesses. Are you ready to leave your bank behind and experience the peace of mind that comes with redundant banking partners? Apply for an MSB bank account today!

Related Articles

California Check Cashers Now Have Banking Options With NCC's Expanded Services

California Check Cashers Now Have Banking Options With NCC's Expanded Services

July 09, 2019

Check Cashers Can Enjoy Accelerated Rotation of Capital and “Next Day” Funds Availability LOS ANGELES, July 9, 2019 /PRNewswire/ — National Check and Currency (NCC) expands check cashing
Read Full Article
NCC Expands Cash Vault Services and Processing Deadlines For California Check Cashers

NCC Expands Cash Vault Services and Processing Deadlines For California Check Cashers

June 18, 2019

California Check Cashers now have access to better banking relationships LOS ANGELES, June 18, 2019 /PRNewswire/ — National Check and Currency (NCC) now offers cash vaulting and banking services
Read Full Article
Money Service Business Banks & Regulators Enter Multi-State Contract

Money Service Business Banks & Regulators Enter Multi-State Contract

February 14, 2018

Money service business banks and state regulators are forging ahead with a multi-state licensing process for MSBs. The new agreement will standardize core parts of the money service business licensing
Read Full Article
This site is registered on as a development site.